Dear Nidheesh,

To rename recycle bin you have to edit registry which is bit risky. Please do take a back of the registry before doing this.

Go to Run type regedit This will open registry for editing. Go to edit menu choose find give 645FF040-5081-101B-9F08-00AA002F954Ein the find window. Now see in the right hand side of the window which is prompt to HKEY_CLASSES_ROOT/CLSID/{645FF040-5081-101B-9F08-00AA002F954E}  change the first one which is named as recycle bin to whaterver you wish. After chnaging close th registry. Just log off and login the re-cycle bin will be changed according to what you have name.

Regards

Ramjith.Y